Australia’s Star Entertainment Group has completed the sale of its 50% stake in the AU$3.6 billion Queen’s Wharf Brisbane, also known as The Star Brisbane, project to its Hong Kong partners in a deal seen as crucial to cementing the casino operator’s future.
The update was provided by one of those partners, Far East Consortium International Limited, which confirmed in an overnight Hong Kong Stock Exchange filing that the acquisition of Star’s 50% equity interest in The Star Brisbane owner, Destination Brisbane Consortium (DBC), was completed on 31 March 2026. As such, Far East and Chow Tai Fook Enterprises (CTFE) will each see their respective 25% holdings in DBC increase to 50%.
The transfer of the two Hong Kong partners’ combined 66.66% interest in Destination Gold Coast Consortium – which oversees The Star Gold Coast – to The Star as part of the deal is expected to be completed in the second half of this year, it added.
In fully acquiring The Star Brisbane, Far East Consortium said it had provided an AU$248 million (US$171 million) guarantee to the Queensland state government that it would fully complete development of The Star Brisbane and associated facilities, with CTFE committing an identical amount. The property opened in August 2024 but full build-out isn’t expected to be complete until 2029.
Outlining the reasons for the acquisition of Star’s stake, Far East Consortium said, “By acquiring full ownership of the Developer with CTFE, the Group is positioned to fully deliver on the project’s growth potential, particularly in light of Brisbane’s designation as the host city for the 2032 Olympic and Paralympic Games.
“The Development strengthens the Group’s presence in Australia’s premium integrated resort and hospitality sectors.”
Star has previously listed completion of the DBC sale as critical to its survival and it was one of the conditions precedent outlined only days ago in securing refinancing of its existing debt from US-based WhiteHawk Capital Partners.
However, Star’s new ownership team – led by US casino operator Bally’s Corp – has outlined its desire to continue acting as casino manager at The Star Brisbane.
In an ASX filing issued this morning, Star said it had entered into a new agreement in this regard with DBC under which it will receive an annual fee of AU$18 million (US$12.4 million), payable monthly, for ongoing management of the Brisbane casino. DBC holds the tight to terminate the agreement with no less than 90 days’ notice based on performance.
RelatedPosts
